CNX-Bank Index-Technical View-8-7-14

CNX-Bank Index closed at 15367.60 on 7-7-2014

SUPPORT:  15288.80 / 15241.90 / 14946 / 14940.35 / 14857 / 14709.30 /
14468.10 / 14301.30 / 14063.60

RESISTANCE: - 15556.15 / 15568.05 / 15582.65 / 15589.50 / 15660.05 / 15725.80 / 15742.05 / 15927 / 16266.

(Figures in bold are important)

Index opened firmly today but went down sharply and made low of 15349.20 and closed near the low point this move indicate some weakness ,furthermore it has broken all its  important support levels for the week which are at 15556.15 /15582.65 & 15589.50 and also broken the closing bottom of 15451.65 this signals weakness in it and suggest that it may go down further, so now the only hope of holding long trade is the support level for the month of July-14 which are at 15288.80 & 15241.90  and off course the short term DMA which is placed at 15301for 8-7-14(it keeps on changing every day).therefore below 15288.80 & 15241.90 avoid long calls completely in index till it bounce back above this level again.

 REMARKS: Long term up trend still intact but avoid long call for now.

Contact me for strategic guidance to enter and exit the trade